Slides
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Q3 Report PRESENTATION WILL BEGIN SHORTLY
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Q3 Report JULY - SEPTEMBER 2026 with Håkan Lagerberg, CEO Jenny Graflind, CFO
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Strong momentum in Europe and Production, North America turnaround in progress Group +3% I Organic +2% I Q2-Q3 +9% I CEO transition announced Viyo consolidated from July 1 Summit soft chews launched Amazon & Export continue strong momentum Europe +11% I Production +11% I North America -4% Dental, Pharma and Production driving growth
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Financial Highlights Q3 2026 Comments • Q: Org +2%, +1% acq, 0% Fx • YTD: 6% organic growth • Gross Margin 59,2% • Improved, stabile and as expected • OpEx • Strong Amazon growth • Personal costs in line with LY and down from Q2 as % of sales Net Revenue Operational Gross Margin Operational EBITDA +4% -13% 0 100 200 300 400 500 600 700 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +3% 58,9% 58,5% 56,8% 59,7% 61,0% 59,2% 50% 51% 52% 53% 54% 55% 56% 57% 58% 59% 60% 61% 62% 63% 64% 65% 0 100 200 300 400 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 19,0% 21,7% 15,9% 19,6% 19,3% 20,5% 0 50 100 150 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 -3% Organic Growth 0% 2% 4% 6% 8% 10% 12% 14% Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 -87%
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Financial Highlights Q3 2026 Comments Net Debt / EBITDA Op. cash flow / Cash conversion Net Debt/EBITDA • Decrease of 0,1 since last Q • Expected EO for Summit included from Q2 Cash • Positive trend since Q4 • Continued inventory build-up • CapEx 3% • Investment in VS expansion • Reduced debt with 70 MSEK • YTD 125 MSEK net2,9 2,7 2,9 2,8 3,1 3,0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +12% 27% 99% 41% 51% 60% 64% 0 20 40 60 80 100 120 140 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 -37%
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Rolling 4 quarters Rolling twelve months - net revenue and EBITDA Net revenue EBITDA Operational EBITDA 0 100 200 300 400 500 600 0 500 1000 1500 2000 2500 3000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 R12 2026 0 20 40 60 80 100 120 140 160 0 100 200 300 400 500 600 700 800 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026* *During Q3 2026, operational EBITDA was lower than EBITDA and is therefore not shown in the chart.
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North America –Turnaround actions gaining traction Net sales 406 MSEK I Organic growth -4% • NaturVet retail stabilizing; positive POS trend, comps impacted by WM launch Q3 LY • Online soft growth, expected to accelerate in Q4 • ProDen PlaqueOff® continue strong momentum • Veterinary launches support recovery • New private label customer off to a positive start 56% of total net revenue 0 100 200 300 400 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 -4%
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Europe – Double digit growth led by Online Net Sales 184 MSEK I +13% Y-Y I Organic 11% 25% of total net revenue 0 30 60 90 120 150 180 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +13% • Strong growth across most European businesses • Online driving growth, led by the UK • UK retail expansion with NaturVet and ProDen PlaqueOff® • Veterinary brands softer at quarter end
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Production – Double digit growth with further upside Net sales 142 MSEK I Organic growth +11% 19% of total net revenue 0 20 40 60 80 100 120 140 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +11% • Strong growth in UK, Ireland & Pharma • US Dermatology remains the key drag • Strong pipeline with new and existing customers • SQF certification passed in largest entity and PAI passed with US FDA for RX-product • US recovery expected in coming quarters • New capacity starts contributing in 2027
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Four priorities to accelerate growth and profitability 1. Turn North America around Return to segment growth growth 2. Improve operational efficiency Production, Supply chain & & delivery 3. Accelarate Online & D2C Drive growth, loyalty & higher margin sales 4. Leverage our global platform More cross-Group projects and opportunities
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Production Highlights John Kane, Q3 2026 Conference Call The Production Segment continues to invest in new manufacturing capabilities across numerous sectors of the Animal Health industry
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Outline Summit Vet Soft Chew Launch Leveraging Vetio’s global intellectual property to launch the industry’s first soft chew specials in the UK Pharma Segment Growth Summit Vet performance + Vetio North drug development pipeline generating growth and opportunities Vetio South Expansion Facility expansion commenced to provide broader CDMO capabilities for both Swedencare and external customers
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Pharma Segment • Montreal, Canada • Animal Health CDMO • $3 Billion Global CDMO Market • Oxfordshire, UK • Veterinary Specials Manufacturer • >$1 Billion EU Compounding Market As a Compounded Veterinary Specials company, Summit develops and supplies customized pharmaceuticals for the specialized needs of individual animals, or pets. Compounded medicines are often needed due to the vast variety of animal sizes, breeds and preferences, or if commercially produced products are in shortage or unavailable. They can be offered in a variety of strengths, dosage forms, and flavors, which help pet owners more easily administer the medications. As a Contract Development and Manufacturing Organization (CDMO) working exclusively in Animal Health, Vetio partners with companies looking to bring pharmaceutical products to market through regulatory approval processes around the world. Offering complete development services and ongoing commercial manufacturing, Vetio is a single source for both start-ups and multinational veterinary pharmaceutical companies.
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Pharma Segment Growth non-currency adjusted
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Swedencare Group Soft Chew Applications The globally patented Vetio soft chew matrix is a highly stable and palatable delivery system consisting of one or more pharmaceutical grade APIs or supplement ingredients. Vetio’s process & composition chew patent is the result of a decade of development.
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• Beginning in late 2025, Summit invested in a new production suite and for the development of compounded soft chew specials • Summit recently launched its first products, which have been well received by veterinarians and pet patents • As unmet needs continue to persist across multiple segments, Summit’s track record of delivering innovative, customized products positions it to capture market share and drive sustainable growth • The addition of soft chews further expands Summit’s range of available dosage forms, which already includes tablets, oral liquids and reconstitutes, transdermal gels, powders and oral pastes, alongside flavored options Summit Vet Soft Chew Launch
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• Vetio South began another expansion earlier this year into two new categories – pet treats and Rx Non-sterile liquids. • The treats plant comes on-line in December of this year, and ramps up in Q1 2027, while the Non-Sterile Liquids operation follows later in the year. Once complete, the 12,500 square meters facility will support the manufacturing of pet supplements, treats, and topical Rx and OTC liquid products. • The expansion reflects Vetio's commitment to serving categories experiencing strong consumer demand and sustained innovation. Pet treats and supplements have become increasingly important components of companion animal care, driven by pet owners seeking products that support health, wellness, and quality of life while delivering convenient and enjoyable administration. • The Rx Non-Sterile liquids capabilities complement Vetio’s leading position in OTC medicated topicals and offer more options for its Animal Health pharma customers. Vetio South Expansion
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Supplements $5B Global Market - Soft chews - Tablets - Powders Functional Treats $4B Global Market - Injection Molded - Extruded OTC & Rx Topicals Liquids $3B Global Market: - $1B: OTC topical dermatology and grooming products; Oral Care liquids - $2B: Rx Pharma Non-Sterile Liquids & Solutions Vetio South Capabilities Post-Expansion
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Thank you for participating! Q&A